×
Getting a new home: building vs. buying

Getting a new home: building vs. buying

October 4, 2016
new home
Source: Shutterstock

Being a homeowner is great. You don’t have to worry about rent, about not having where to stay, or about throwing all your money away on someone else’s property. If you managed to put some money aside, you’re probably thinking about buying a home. And just like thousands of other Americans who share your thoughts, you’re probably also wondering whether to buy or build a new home.

Each comes with its own advantages and drawbacks. So let us help you make up your mind faster.

Buying a home

Convenience and cost are the biggest advantages to buying a home. You can shop around, pick the property that you like and move in a month or two after the offer is accepted. And existing homes are also a lot cheaper than new ones.

One disadvantage to buying a new home is the fact that you won’t get exactly what you want. That property was probably constructed to suit the needs of someone else. And that someone else’s needs might not coincide with yours. As a result, you’ll probably have to renovate and remodel. And this will cost you extra.

Building a home

Unlike buying a home, building a home is neither cheap nor convenient. It takes a lot of effort and it will cause you a lot of headaches. You need to find the right location, the right builder, the right architect, you need to address issues such as water and sewage systems, and so on and so forth.

But you get exactly what you want! Not only will it match your personality, but it will also be built following the latest codes. It will have a lot less health concerns such as asbestos, and it will be environmentally friendly.

If you plan to sell your new home, you will be able to do it for a much larger price.

 

Was this article helpful? Let us know in the comments below.

Thomas Hookton

Thomas Hookton is a finance journalist, history buff and science fiction connoisseur. Hit him up via email.

ADVERTISEMENT

Around the web

Join the Conversation